Tuesday, October 11, 2011

Occupy Wall Street is for Better Capitalism

The Occupy Wall Street movement is mostly theater. I don't care for street theater myself, but in a free country I appreciate that the people who like that sort of thing should be able to engage in it.

The main thing they are mad about is that Wall Street traders were the main cause of the collapse of the world economy in 2008. They were able to do that because they had increasing pressure to make short-term profits, and because the agencies that were supposed to keep an eye on them to prevent exactly this type of collapse were feckless and timid. In the years following the actions of government regulators have improved somewhat, but the actions of the Wall Street traders show that they have learned little from their mistakes.

I believe these criticisms are true and just. I see the core of the Wall Street protests as against corporate greed and for greater regulation. I agree with that.

A friend thought it was hilarious that the Wall Street occupiers stopped for a moment of silence for Steve Jobs. In his mind, the Wall Street occupation is against capitalism, and therefore it was ironic for them to honor a capitalist. I think this view is mistaken. Of course there are some people who are opposed to capitalism as a whole, and naturally some of them will be drawn to an anti-Wall Street protest. I do not, though, think that anti-capitalism is the core of what the protest is about.

Occupy Wall Street wants more responsible and better-regulated capitalism. So do I.